• Bitcoin price surged to $102K as buying pressure increased, signaling sustained upward momentum
• Strong market participation and positive sentiment suggested Bitcoin may challenge new resistance levels soon

Bitcoin price: Recent performance and market dynamics

Bitcoin has shown resilience, with its price climbing to $102,837. There has been a gradual uptrend since November, marked by consistently higher lows. The RSI is currently at 55.69, indicating neutral momentum with room for growth.

OBV trends suggest increasing accumulation, possibly fueling buying pressure.

The recent surge can be attributed to the new pro-crypto U.S. administration, sparking renewed interest among investors.

Historically, January often acts as a foundation month for bull runs, setting the stage for potential rallies.

Coupled with positive sentiment and historical patterns, Bitcoin’s upward trajectory may soon face tests around psychological resistance levels.

Buying pressure rebounds 

The Buy/Sell Pressure Delta chart shows significant fluctuations in market sentiment over the past few days.

Notably, there was a sharp increase in buy pressure around the 24th of January, coinciding with a price surge toward $106K.

However, this momentum was short-lived as sell pressure intensified, leading to a sharp decline below $100K on the 27th of January. This drop was accompanied by high trading volume, suggesting heavy liquidation and potential stop-loss triggers.